Bitcoin’s untouched supply reached its all-time high last week, indicating that the cryptocurrency is being used as a store of value asset.
Untouched Supply Growing
According to research published by Coin Metrics on July 23, bitcoin’s untouched supply has reached an all-time high.
The analytics firm defines untouched BTC as coins that have not been transferred out of a wallet for at least five years. As of July 19, 3.84 million bitcoin (worth about $37 billion) could be classified as untouched over the last five years, constituting 21.6% of the total 17.84 million BTC circulating supply.
Coin Metrics speculates that the rise in untouched BTC is an indication that investors are using the technology as a store of value. Rather than frequently transferring coins between wallets and exchanges, which would exemplify trade-heavy behavior, bitcoin investors are holding for the long-term.
However, it indicates that BTC is becoming less of a medium of exchange, at least among its current user base. Read More at CryptoGlobe...